Categories: Ethereum

News Flash: Is Ethereum Classic [ETC] blockchain Under 51% Attack? Several blocks Reportedly Go Under Reorg

Click here to view original web page at coingape.com

News Flash: Is Ethereum Classic [ETC] blockchain Under 51% Attack? Several blocks Reportedly Go Under Reorg

Advertisement

The news or the ‘unconfirmed rumors’ that Ethereum Classic is undergoing chain reorganization and was under double spend attack seems to be coming true. This was first reported by the security firm SlowMist and, over the last couple of hours, the blockchain has undergone several block reorganizations as reported by Ethereum Classic explorer BlockScout.

Ethereum Classic informs exchanges and mining pools of higher confirmation time

Earlier today, a certain section of the media rolled out news that according to Chinese security firm SlowMist, the Ethereum Classic (ETC) network is prone to a possible 51% attack and advised crypto exchanges with ETC listings to strengthen their guards. This news even led to a sudden drop in Ethereum Classic prices.

Although, things were cleared out by the official twitter handle of Ethereum Classic which mentioned that the news floating in media regarding the double spend attack and chain reorganization were rumors and also posted a picture that there was no reorganization being undertaken. The tweet also confirmed that there were no issues with the blockchain.

There have been rumors of a possible chain reorganization or double spend attack.

From what we can tell the ETC network is operating normally.

BlockScout's "Reorg" section shows nothing of the sort.https://t.co/Yi2cXusCz9 pic.twitter.com/HdUtS0DJZK

— Ethereum Classic (@eth_classic) January 6, 2019

But it seems, since the time Ethereum Classic has cleared the air, the movement of chain reorganization has picked up. There are several blocks over past few hours that are reorganized.

Ethereum Classic is yet to confirm officially but the ‘rumored’ attack news seems to be true.

The news is further fuelled by a recent tweet Ethereum Classic has put forward, where it has replied on the attack news and has informed several exchanges and mining pools to allow a significantly higher confirmation time on withdrawals and deposits (+400).

To all exchanges and mining pools please allow a significantly higher confirmation time on withdrawals and deposits (+400)

— Ethereum Classic (@eth_classic) January 7, 2019

While the updates are still flowing, certain Twitter accounts have sent out post regarding the confirmation of the attack.

Ethereum Classic (ETC) blockchain is under attack.
Confirmation time is increased to 200 blocks at the moment for ETC pools.
We will keep you updated. pic.twitter.com/UIMQ7UK55s

— 2Miners (@pool2miners) January 7, 2019

Another Twitter account sent out a tweet indicating “One $ETC Private Pool Claimed over 51% Network Hashrate”.

"Chinese blockchain security firm SlowMist sent out an alert that the Ethereum Classic (ETC) network might have been targeted by a 51% attack."

Exclusive: One $ETC Private Pool Claimed over 51% Network Hashrate https://t.co/thv4sI1P95

— Classic is Coming (@ClassicIsComing) January 7, 2019

While there is still no confirmation from any of the developers from Ethereum Classic, the collated evidence does show that all is not good at Ethereum Classic. The chain is definitely reorganized and the wait time for confirmation has also risen. The information regarding the associated loss would only be clear once Ethereum Classic makes an official announcement.

What are your thoughts on this Ethereum Classic attack? Do let us know your views on the same.

Advertisement The news or the ‘unconfirmed rumors’ that Ethereum Classic is undergoing chain […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Is Up Against An Extremely Important And Powerful Resistance Zone On The Monthly Chart: The Kijun-Sen (Base Line)

We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More

5 hours ago

BTC ATM goes missing and no one notices

When you think of thieves stealing an ATM, the mind jumps to the idea of an exciting crime. Maybe there’s… Read More

5 hours ago

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More

5 hours ago

Researchers Concur Current Bitcoin Market Cycle is Only Just Beginning

Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More

5 hours ago

Hopes for Bitcoin as China’s Renminbi Drops to 11-Year Low

A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More

5 hours ago

Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates

Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More